Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-06-25
TRADE REVIEW.
The General Reports Of Business at
Nearly All Points Highly Encoar-
agiHg-- The Volume Coed.
The Fidelity National Banks Rotten
ness DistuTbs tho Flow OF Money
but Only Temporarily.
Lsss UOI iidsncc as to the Outcome Of the
Inter State CONNIE: &c Law-Scverai
Industries Threatoned

NEW YORK, June PR. G Dun & Co
in their weekly review Of trade say: The
failure of the Fidelity Bank of Cincinnati,
with such evidences of rottenness snd
fraud that three officials have been locked
up on criminal charges, is the natural
fruit CT the wheat corner, but has DIS
turbed business during the week quite
extensively. The prospect that the de-
posltors may recover nothing, that
more than eight other banks which
deposited there have losses 20 bear
and that the fraudulent rehypothecatiou
OF COlaterals for loans will entangle the
resources OF many who had nothing to
do with the Wheat operation, makes The
disturbance felt in many quarters. These
events justify the precautions advised for
weeks past in this review.
The failure Of the wheat corner ana lis
consequent withdrawal of funds from
New York TO meet immediate needs ct the
west has caused temporary Stringency
here which spectators maguifed, but
foreign exchange is so near the shipping
point and the supply of unused funds
abroad is so large that relief would come
quickly If The needs here should become
serious. Moreover, the large disburse-
ments By the Treasury in July are now
close st hand in hslt yearly settlements.
Ia the struggle to iqaidste enormous
speculatione, and IN preparations for the
summer dullness, however, there msy be
some pressure for money during the re-
manning days OF June.
AT nearly all other points money is re-
ported in good supply.
The general reports CT business at
nesrly ell points are highly encouraging,
and the increasing prospect II good crops
adds TO the prevailing confidence. Col
leCtiOns are generally fsir.y good and the
volume of business is large for the
season.
The liquidation in cotton proceeds
slowly, but prices have declined for the
week.
Wheat has fallen about cents, though
partial corner in June still makes Quota
lions here cents or more for July.
The pork pgO0uCt fell q little, though
still held at Chicago above its level else
where.
In the stock market liquidation has
been the feature. The distFust of parties
and securities thought to be even re-
motely connected with the Cincinnati
speculation is obvious, and there is less
confidence SIS to the interstate act A
heavy increase in shipments by lake and
canal is reported, apd the enforcement of
the law threatens TO stop manufacturing
and mining at numerous points.
Under THESE circumstances the strength
of the market is surprising, especially |
when it is remembered that some securi- |
ties for several hundred millions have
been listed this year.
STOCKS HAVE GONE DOWN
NEW YORK, June 24.-The following |
review vas issued by Henry Clews & Co. |
to-dsJ: 1.-THE surging market should not |
have been unexpected, as every day
for a fortnight or more past
fears have been on record
predicting, just such a bsckset as Wall
street has now met with. The effect will
be beneficial, however, as it will very
likely prevent more serious settlement.
II the day of reckoning had been deferred
to the crop moving season instead
of to-day, further trouble must
have resulted here and elsewhere
The stock market, not unlike that of the
wheat and coffee markets, is likely to be
more or less "dazed" for several days to
come as the natural sequence of to-day's
shock, oCCasioned by the heavy
losses which innumerebIe opera
tors have met with. There are
too many cripples, We fear, on the
ield for the survivors to march
over at quick, active pace on the way
10 recuperation. Still Wall street is 60
ng to stay just where it is, and will sur
7ive this shock and witness many ups
ind downs in the future. The
way to make money is to catch
fluctuations. There has undoubtedly
'een for a long time past lack of fuctu-
Iiions showing an unnatural market. It's
luggishness has been due to that fact.
When stocks won't go up the next best
hing is to make them go down to insure
.ctiVity. They have just gone down"